I have completed my IVA with a full and final payment, all processed in May. I had thought from information online that once the IVA was successfully completed, all defaults listed after the date my IVA STARTED should be removed. As this was June 2011 I should therefore have no defaults listed from July 2011 onwards.
This is not the case, and I've talked to one lender specifically who have refused to remove defaults before May 2013 and claim this is in line with ICO guidelines.
Is it true that I shouldn't have defaults on my account after the date the IVA started (as opposed to the date it was completed)?
And if the defaults remain, will they be removed 6 years after my IVA start, or not until 6 years after my IVA completion?
I'm just trying to re-build my credit score slowly and am concerned this could add 2 years to my efforts.
Hi Jon. First of all ... have you had your completion certificate yet ? Nothing will happen until then.
At that time your details will be removed from the insolvency register and the IVA will be marked complete on the CRA files.Now you can ask (demand) that the creditors date ant defaults on or before the date of the start of the IVA.
It will only drop off the CRA files 6 years after that start date of the IVA, taking the correctly dated defaults with it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi, the above is correct, unfortunately regardless of whether you take on a 5-6 year IVA or do one as a F&F from the start, any defaults etc on your credit file will remain until they drop off 6 years after the START of your IVA, completing your IVA earlier does not change this, the only thing it does change is removes your liability to pay monthly payments and gets your name off the insolvency register quicker
Thanks very much. Yes I've had my completion certificate, the register has updated and most of my creditors have updated to satisfied or partly satisfied on my credit report.
However I'm still having trouble convincing them to remove the defaults after the start date, and Coventry Building Society have specifically said they won't do this. Thanks for the ammo!
